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[quote=Anonymous]Lol to these people who think you need 250k in income in retirement while living in a paid off home. That's is bizarre. What are you getting a personal chef and a private yoga instructor? What on earth.

My DH and I currently live on about 140k, and that pays for our mortgage, retirement/pension contributions, and college savings for DC, none of which we will have in retirement.  We live pretty frugally but still take vacations  and go out to eat once a week, DC is in activities and goes to summer camp, etc. But without mortgage and retirement/college savings, we could easily live off of half (or less) of our current income.

Right now we have enough for an annual income of about 75k/yr starting at 55. If we retire at 60 instead, we could get that closer to 85k. If one of us continues to work PT (which I think I would like to do -- I have a job I enjoy and that I could easily do in my 50s/60s), that could go up to 110-120k per year for at least the time that work is going on.

We also have a home currently worth 850k, we'll see what it's worth when we retire. It will be paid off. We are not sure yet if we will want to just live in it and then leave it to DC (to sell, most likely), or if we would sell it and downsize. Could add another 500k+ to retirement savings if we do the latter.

In any case, I feel pretty good about where we are at. But we have zero desire to spend our retirement in some huge house with high property taxes and bills, or to suddenly start flying first class and getting biweekly house cleanings and whatever other lifestyle expenses get you to needing 250k a year despite owning your home and already paying for your kid's college. I can't imagine burning through that much money annually in retirement.[/quote]

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